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Old 05-17-2012, 04:59 PM
 
39 posts, read 78,593 times
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My relative wanted to refinance her home with the new FHA loans for those whose home has lost value. She is current with her bills and has "okay" credit. When Quicken looked to help her refinance, he said her Parent Plus loans prohibit their ability to refinace. Here they are making all their payments now but cannot qualify to pay less because they helped their kids go to college! Can anyone suggest a next step??

I am reposting this under another heading to get as many suggestions as possible
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Old 05-17-2012, 05:15 PM
 
Location: Boca Raton, FL
6,869 posts, read 11,169,191 times
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Smile HARP not same as an FHA Refinance

I'm a broker - not sure what state you are in - there is an FHA streamline refinance that may help her; also HARP 2 is for those loans owned by Fannie Mae or Freddie Mac.

You can DM me for more info.

I only do loans in Florida but know many great brokers in other states that I speak to all the time.
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Old 05-18-2012, 09:21 AM
 
5,337 posts, read 14,065,713 times
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Quote:
Originally Posted by momto3ct View Post
My relative wanted to refinance her home with the new FHA loans for those whose home has lost value. She is current with her bills and has "okay" credit. When Quicken looked to help her refinance, he said her Parent Plus loans prohibit their ability to refinace. Here they are making all their payments now but cannot qualify to pay less because they helped their kids go to college! Can anyone suggest a next step??

I am reposting this under another heading to get as many suggestions as possible
If the kids have made the payments, on time, for the last 12 months, then the student loans do not have to be counted against the parents as far as debt to income ratios go. This is proved with 12 months cancelled checks showing the kids have made the payments. Lota paperwork, but it does work.
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